Wheaton Precious Metals Corp

WPM

Equity

ISIN null / Valor 36429694

Toronto Stock Exchange (2026-09-29)

CAD 191.82-0.10%

Wheaton Precious Metals Corp
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About company

Wheaton Precious Metals Corp is a leading precious metals streaming company that provides financing to mining companies in exchange for the right to purchase a percentage of the metals produced by their mines. This business model allows Wheaton to secure precious metals at predetermined prices, offering cost predictability and high cash operating margins. By entering into streaming agreements, Wheaton enables mining companies to unlock additional value from their by-product metals, which might otherwise be undervalued in the market. The upfront payments provided by Wheaton can be used by these mining companies to fund exploration, expand production, or strengthen their financial position. This model not only benefits Wheaton's shareholders by providing leverage to potential increases in metal prices but also supports the growth and financial health of its mining partners.

Summarized from source with an LLMView SourceSector: Non-Energy Materials

Revenue & Earnings

Q2 2026 revenue $929.2M (up 84.7% y/y) driven by a ~61% increase in average realized GEO price and a 14% increase in GEOs sold. Net earnings were $543.2M (up 85.9% y/y) and adjusted net earnings $542.5M. Basic EPS was $1.196 for the quarter.

Production & Sales

Attributable GEO production in Q2 2026 was 202,229 ounces (6.3% y/y increase). Q2 sales were 209,115 GEOs. Notable operational contributors: Salobo (62,100 attributable gold ounces produced), Antamina (2.3M attributable silver ounces after acquiring the BHP Antamina PMPA on April 1) and ramping activity at Mineral Park, Platreef, Fenix, El Domo, Kurmuk and Koné.

Margins & Cash Generation

Average cash costs were $568 per GEO in Q2 2026 versus $406 in Q2 2025, producing a cash operating margin of $3,875 per GEO (a 65% increase y/y). Operating cash flow for the quarter was $649.5M and $1.415B YTD.

Balance Sheet & Liquidity

Cash on hand at June 30, 2026 was $100.2M with $2.0B debt outstanding (total net debt ~$1.9B). The company upsized its Revolving Credit Facility to $2.5B (maturity extended to June 30, 2031) and, together with a $500M accordion, reports $2.6B of available liquidity. Wheaton also drew a $1.5B two‑year Term Loan on April 1, 2026 to fund the BHP Antamina acquisition.

Major transactions & capital deployment

Q2 net upfront cash payments for mineral stream interests totaled ~$4.5B, including $4.3B for the BHP Antamina PMPA; additional upfronts included Koné ($156M), Spanish Mountain ($23M), Jervois ($16M) and Cipango ($4.5M). Subsequent to quarter end Wheaton made an additional $43.875M upfront payment for El Domo.

Shareholder returns

The Board declared a quarterly dividend of $0.195 per common share and paid two quarterly dividend payments totaling $177M YTD.

Produced But Not Delivered (PBND) & working inventory

PBND was ~157,600 GEOs at June 30, 2026, representing ~2.6 months of payable production and within the guided range of 2.5–3.5 months.

Outlook & growth

2026 attributable production guidance remains ~860,000–940,000 GEOs (approx. 400k–430k oz gold and 27–29M oz silver). Long‑term growth unchanged: annual production expected to increase to ~1.2M GEOs by 2030 and average ~1.2M GEOs for 2031–2035.

Sustainability & ratings

Wheaton highlights strong ESG credentials: top Sustainalytics ranking, MSCI AAA, ISS Prime and inclusion in Corporate Knights’ Best 50 Corporate Citizens in Canada; the company published its 2025 Sustainability Report in May 2026 and continues community investment programs.

Summarized from source with an LLMView Source

Key figures

24.7%1Y

248%3Y

300%5Y

Performance

51.0%1Y

38.2%3Y

35.2%5Y

Volatility